Think of a time when an employee or a team put their heart and soul into a project and executed it perfectly. They had a feeling of accomplishment and probably made the organization proud.
That feeling of accomplishment and achievement can multiply exponentially when leaders appreciate and reward such exemplary performance. While you can offer yearly awards and recognition, quarterly awards are even more effective as they elevate work performance, lower employee turnover, and build a stronger connection with the organization.
Here is a guide highlighting the importance of showing recognition with quarterly awards.
1. Higher Productivity and Employee Engagement
Quarterly awards are the best way to pinpoint success and reward employees for their actions. They allow new hires to see that their outstanding performance will be rewarded, and they can start working towards that early.
Quarterly awards highlight employees’ contributions and allow them to adjust their work to suit specific goals. When success is recognized verbally or with a physical award, it encourages employees to be more engaged.
An organization’s leadership can choose various custom awards for varying work achievements. For example, you can give an employee a vertex diamond crystal award for completing a complex project or making an outstanding presentation.
Such awards inspire other employees to become more invested in their work. They feel empowered to complete projects on time and produce high-quality work that can be measured and rewarded.
2. High Retention Rate and Recruitment
Hiring new employees is an expensive affair. That’s why it’s important to keep top talent satisfied and engaged so they’ll want to continue working for companies and contribute to their success. The good news is that appreciating and recognizing employees for outstanding performance will likely keep them in an organization long.
While you can offer verbal appreciation, tangible awards, and recognition will retain top talent and encourage them to continue working hard and smart. They make them feel valued and appreciated for the contribution they are making.
3. Sense of Satisfaction and Belonging
Employees who receive an award for exemplary performance often or after every few months feel a sense of pride and belonging. They also experience job satisfaction, increasing their loyalty and commitment to the organization and their work.
Employees who feel their efforts are appreciated feel satisfied with their roles and are likelier to put in extra effort and go the extra mile. This, in turn, benefits the entire organization. It also means they will not see the need to leave because they feel a sense of belonging.
For example, giving an employee a star or custom mug for excellently carrying out a specific task is a constant reminder that they belong to the organization. It shows they are appreciated. This also lowers the rate of absenteeism by disgruntled workers.
4. Friendly Competition Among Workers
Quarterly award programs encourage employees to compare their work with colleagues and aim to perform better. If there’s an award up for grabs, employees strive to do better, and they feel accomplished when they surpass the company’s expectations and receive the award.
Other workers are also motivated to try and win the award next time. This encourages friendly and healthy competition, improves the quality of work, and the entire organization performs better. All employees will put their best foot forward because they feel motivated to do so and have something to take home if they outdo themselves.
5. Creates a Positive Work Environment
Employees feel motivated, satisfied, and appreciated when you show appreciation through quarterly awards. This, in turn, builds a feeling of positivity and enthusiasm, creating a positive work environment.
A positive workplace allows businesses to thrive. In other words, employees are encouraged to collaborate better and aim to become even more productive.
6. Creates Strong Relationships at Work
A quarterly award program acts as a catalyst that motivates teams to work together and achieve a specific goal. When colleagues join hands to complete a particular task, relationships strengthen, enhancing care for each other and professionalism.
With such strong relationships, fewer conflicts and more collaboration are experienced, leading to successful projects. More successful projects mean the organization’s performance and bottom line will improve constantly.
Becoming the best is a top priority for most organizations, and working with highly engaged, motivated, and satisfied employees will make this a reality. A quarterly award program motivates employees to do their best in their roles. It creates stronger relationships, and the best employees become loyal to your organization.
The rewards of recognizing effort and outstanding performances are worth investing in a quarterly award program. Such programs show appreciation to workers who deserve it.